Core Viewpoint - On June 25, 2025, Cao Cao Mobility was listed on the Hong Kong Stock Exchange, but its stock price fell by 14.16% on the first day, indicating investor skepticism about the sustainability of its profit model [1] Company Overview - Founded in 2015, Cao Cao Mobility is part of Geely's strategy to develop a "new energy vehicle sharing ecosystem" [1] - The company initially focused on a self-owned fleet and contracted drivers, emphasizing a premium ride experience with differentiated advantages in customized electric vehicles [1] - By 2024, Cao Cao Mobility's business had expanded to cover 136 cities, ranking second in China's ride-hailing market by total transaction volume [1] Financial Performance - Revenue increased from 7.63 billion to 14.66 billion yuan from 2022 to 2024, with a narrowing net loss and rising order volume and average revenue per order [1] - Gross margin improved from -4.4% to 8.1% during the same period [1] - Despite these improvements, the company has accumulated a net loss of over 5.2 billion yuan in the past three years, with a debt-to-asset ratio reaching 149% [1] Market Dynamics - The ride-hailing industry has become increasingly concentrated since regulatory measures were implemented in 2016, with the top five platforms holding over 90% of the market share by 2024 [1] - The rise of aggregation platforms around 2019 has shifted the control of traffic distribution, with Cao Cao Mobility's reliance on these platforms increasing significantly [1] - The share of Gross Transaction Value (GTV) from aggregation platforms rose from 49.9% to 85.4% from 2022 to 2024, while expenses paid to these platforms surged from 50.3% to 85.6% of sales and marketing costs [1] Operational Challenges - Cao Cao Mobility operates on a "heavy asset" model, having deployed over 34,000 customized vehicles by the end of 2024, but faces high sales costs that account for over 90% of revenue [1] - The company has been criticized for compliance issues, with a ranking of 8th in order compliance among leading platforms, and has received a total of 10,748 complaints as of May 10, 2025 [1] - Driver dissatisfaction is evident, with average hourly wages dropping to 35.7 yuan, leading to concerns about income sustainability [1] Future Outlook - The company plans to launch an autonomous driving platform in February 2025, in collaboration with Geely, with a target to introduce a new model by the end of 2026 [1] - Approximately 17% of the funds raised from the IPO will be allocated to technology and autonomous driving development [1] - Immediate priorities include improving cash flow, reducing dependency on aggregation platforms, and enhancing compliance rates [1]
曹操出行：上市首日跌14.16%，盈利难题待解